Cheap but cheerful Nokia Lumia 620 available in Russia at an affordable price

The Lumia 620, the Windows Phone 8 smartphone that's currently launching in emerging markets, has made its way to Russia. Available in five different colours: green, black, white, pink and yellow, the Lumia 620 is offered to consumers with minute personalisation in mind. Already released in China, Thailand and India, the Windows Phone is priced aggressively against competing hardware.

The Windows Phone sports a 3.8" TFT display with a 480x800 resolution, 512MB RAM, dual-core 1.0GHz Snapdragon, 8GB internal storage (with MicroSD support) and a 5MP rear shooter. The Lumia 620 is available from official channels through Nokia for 11,990 rubles (approx. $400), as well as Euroset (only green, white and yellow variants) for the same price.

I already got used to that everything new here in Russia is 30% more expensive then everywhere else. Good news is that in couple of months the price will drop drastically as non-official channels begin to sell the novelties.

Surely that's a subsidised price? I find it hilarious when people say "But the Lumia 920 is only $150!" when that price only applied when they're locked into expensive 2-year contracts.
BTW in the real world the Nexus 4 8GB is closer to $500 and the 16GB is ~$550